Students will recognize different roles of family, workers, banks, and
businesses in economic systems. Community
Publishing Co - Gingerbread Man

SS-P-E-4

Students will understand that consumer wants influence the production and
consumption of goods and services. Children in the
Marketplace - Playdough

SS-P-E-5

Students will recognize skills used in the decision-making process in order
to make informed economic decisions. Choices &
Changes - Econ & Me

SS-P-E-6

Students will explore the world of work and recognize relationships among
work, wages, purchasing power, and lifestyle.
Classroom Mini-Economy

Intermediate

SS-4-E-1

Students will understand the basic economic
problem of scarcity (imbalance between unlimited wants and limited
resources) and recognize how people have addressed the problem through
decision making. Voyages of Columbus -
FFL-Steps to Financial Fitness

SS-4-E-2

Students will understand that producers create
goods and services and consumers make economic decisions and choices. Entrepreneurs in Kentucky - Playdough

SS-4-E-3

Students will understand economic concepts
(e.g., markets, goods and services, supply and demand, scarcity, opportunity
cost, money as a means of exchange, profits) and use them appropriately in
context to explain conditions or events in Kentucky history and regions of
the United States. Entrepreneurs in Kentucky
- Kaleidoscope - Stock Market Game

SS-4-E-4

Students will recognize that economic systems
are created to deal with the problem of scarcity. Seas, Trees, and Economies - Zooconomy

Middle School

SS-6-E-1

Students will understand the
concept of scarcity (imbalance between unlimited wants and limited
resources) as it applies to individuals, societies, and governments across
geographic regions. Economics and the Environment
- Econ Detectives

Students will recognize that
all regions must address the questions of production, distribution, and
consumption and recognize how their resources are used to produce goods and
services. Eyes on the US Economy Vol. 1

SS-6-E-4

Students will compare and
contrast ways that regions increase their productivity. Entrepreneurs in Kentucky

SS-6-E-5

Students will examine economic
interdependence among regions. Partners in
Prosperity

High School

SS-H-US-E-1

Students will examine the transformation of the
United States from a rural economy to an industrial economy to a leader in
the global economy. Eyes on the US Economy-Vol
2 - Focus: International Economics

SS-H-US-E-2

Students will trace the economic development of
the United States from laissez-faire economy to one with government
intervention to a mixed economy. Focus: US History
- Focus: Civics & Government

SS-H-US-E-3

Students will analyze changing relationships
among business, labor, and government. Focus:
Economic Systems - Focus: World History

SS-H-US-E-4

Students will illustrate how technology has
changed and continues to change the United States economy. The Stock Market Game

Economics includes the
study of production, distribution, and consumption of goods and services.
Students need to understand how their economic decisions affect them,
others, and the nation as a whole.

Academic
Expectation 2.18: Students understand economic principles and are able
to make economic decisions that have consequences in daily living.

Elementary
(Assessment at Grade 5)

Middle Level
(Assessment at Grade 8)

High School
(Assessment at Grade 11)

The
basic economic problem confronting individuals and societies is the scarcity
or imbalance between unlimited wants and limited resources available for
satisfying those wants.

SS-E-3.1.1

Scarcity requires
people to make choices about using goods, services, and limited resources.

SS-E-3.1.2

Consumers use goods
and services to satisfy economic wants and needs.

SS-E-3.1.3

Every time a choice is
made, an opportunity cost is incurred. Opportunity cost refers to what is
given up when an economic choice is made.

SS-M-3.1.1

Productive resources
(land, labor, capital) are limited and do not satisfy all the wants of
individuals, societies, and governments (scarcity).

SS-M-3.1.2

To make informed
choices, consumers must analyze advertisements, consider personal finances,
and examine the opportunity cost.

SS-H-3.1.1

Scarcity of resources
necessitates choices at both the personal and societal levels.

SS-H-3.1.2

Federal, state, and
local governments have limited budgets, so
they must compare revenues to costs when planning public projects.

SS-H-3.1.3

To make informed
choices, consumers must analyze advertisements, consider personal finances
(including the importance of savings, investment, and use of credit), and
examine opportunity cost.

Econ & Me

Focus: Middle School Economics

Focus: High School Economics

To
deal with the problem of scarcity, people and societies create economic
systems and institutions.

SS-E-3.2.1

Economic systems can be large (e.g., U.S. economy) or small (e.g.,
individuals and households).

SS-E-3.2.2

The
U.S. economic system has financial institutions (e.g., banks).

SS-E-3.2.3

The
U.S. economic system is based on free enterprise where businesses seek to
make profits by producing or selling goods or services.

SS-E-3.2.4

Profit
is the difference between revenues and the costs entailed in producing or
selling goods or services.

SS-M-3.2.1

Economic systems include traditional,

command, or market. Modern economies use a “mixed system” that has features
of all three.

SS-M-3.2.2

The
hope of earning profit motivates businesses to take the risks involved in
producing goods and services.

SS-H-3.2.1

Economic systems can be evaluated by their abilities to achieve broad social
goals such as freedom, efficiency, equity, security, and growth.

Investments in capital
goods and labor can increase productivity but have significant opportunity
costs.

SS-H-3.4.4

The interdependence of
personal, national, and international economic activity often results in
international issues and concerns (e.g., natural resource dependencies,
economic sanctions, environmental and humanitarian issues).